• Journal of Korea Technology Innovation Society
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• v.19 no.4
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• pp.687-710
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• 2016

This study aims to empirically estimate distributed lag effects of expenditure by type of R&D on scientific publication in the national R&D program. To analyze the lag structure between them, we used a dataset comprised of panel data from 104 technologies categorized by 6T (IT, BT, NT, ST, ET, CT) from 2007 to 2014, and employed multiple regression analysis based on the polynomial distributed lag model. This is because it is highly likely to emerge multicollinearity, if a distributed lag model without special restrictions is applied to multiple regression analysis. The main results are as follows. In the case of basic research, its lag effects are relatively evenly distributed during four years. On the other hand, the applied research and experimental development have distributed lag effects for three years and two years respectively. Therefore, when it comes to analyzing performance of scientific publication, it is necessary to be performed with characteristics of the time lag by type of R&D.

• KDI Journal of Economic Policy
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• v.34 no.4
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• pp.27-68
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• 2012

This study outlines measures related to fiscal policies aimed at responding to the financial crisis according to the timing of commencement and then examines impacts of expansionary fiscal policies on macro variables so as to extract policy implications. The size of expansionary fiscal policy to respond to the financial crisis is found to total 59.8 trillion won (6.1% of GDP in 2007), among which a total of 30.5 trillion won was the increased fiscal expenditure made by the 2008 supplementary budget, the 2009 revised budget and the 2009 supplementary budget. In addition, tax reductions are found to be a total of 29.3 trillion won, mainly driven by the tax reforms in 2008 and 2009. Examining dynamic changes in macro variables caused by the temporary increase in fiscal expenditure and the tax reductions reveals that the increase effect of the real GDP growth rate brought by a temporary rise in fiscal expenditure excluding tax reduction effects turned out to be 1.1%p in 2009 and 0.3%p in 2010, compared to the period without the increase in fiscal expenditure. Meanwhile, when taking into account the effect of expansionary fiscal policies including tax reduction effects, the increase effect of real GDP turns out to be much higher. In the case of 2009, the real GDP rose additionally by 1.9%p, in which 1.1%p by the increase in fiscal expenditure and 0.8%p by tax reduction. Based on these results, the expansionary fiscal policy conducted during the financial crisis since the second half of 2008 can be seen to have played a significant role in helping the Korean economy post a higher-than-anticipated recovery pace from the economic slowdown triggered by the crisis.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.353-358
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• 2001

Since the financial crisis broke out, liquidity has become the critical issue in housing construction industry. In order to secure liquidity, it is prerequisite to precisely forecast cash flow. However, construction companies have failed to come up with a systematic process to manage and forecast cash flow. Until now, companies have solely relied on the prediction of profits and losses, which is carried out as they review business feasibility. To obtain more accurate cash flow forecast model, practical pattern of payments should be taken into account. In this theory, basic model that analyzes practical housing payment collection pattern resulting from prepayments and arrears is described. This model is to complement conventional cash flow forecast scheme in the phase of business feasibility review. Analysis result on final losses in cash that occur as a result of prepayment and arrears is considered in this model. Additionally, in the estimation of construction cost in the phase of business feasibility review, real construction prices instead of official prices are applied to enhance accuracy of cash outflow forecast. The proportion of payment made by a bill and changes in payment date caused by rescheduling of a bill are also factored in to estimate cash outflow. This model would contribute to achieving accurate cash flow forecast that better reflect real situation and to enhancing efficiency in capital management by giving a clear picture with regard to the demand and supply timing of capital.

• Journal of Korea Port Economic Association
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• v.25 no.4
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• pp.203-224
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• 2009

The purpose of this paper is to analyze the relationship between the budget allocation of Busan-Gwangyang port and political variables such as general election, presidential election, local election and political regimes. To do this, this study did correlation analyses using budget data of all ports in Korea, Busan, and Gwangyang during 1985-2007. The main results of the correlation analyses are as follow: First, there was a positive correlation between budget of Busan and local election. Also, there was a positive correlation between budget of Gwangyang and presidential election. This results suggest that public choice model and political business cycle model seem to apply to the port development policy. Second, there was no correlation between the regionalism of the political regime and budget of Busan-Gwangyang ports. Third, it can be inferred that the national agenda of the hub strategy can be positively related to the implementation of port development budget. Further studies are needed to analyse the relationship between the political variables and establishment of port plan, decision making about port development and ground-breaking of port construction.

• Korean Journal of Social Welfare
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• v.69 no.2
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• pp.9-30
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• 2017

Generally, regime shift occurs less frequently than policy change and/or government change. Regime shift needs alterations and changes along the three critical components which constitute a domestic regime: (1) the character of the socioeconomic coalition that rules the country; (2) the political and economic institutions through which power is acquired and exercised; and (3) the public policy profile that give political direction to the nation. This paper tries to examine characteristics of the welfare regime of Korea, and explore policy reform options for the welfare regime shift in Korea. From the viewpoint of livelihood security perspective, I firstly tries to examine development process of Korean welfare regime and specify the main characteristics of that regime. Secondly, I present three policy reform options: (1) reform of the formal political institutions such as electoral system and government type; (2) restructuring of the composition of government expenditure structure; and (3) reduction of the informal employment. These three policy reform options are related to the alteration of socioeconomic coalitions and the changes of the political and economic institutions. Instead of concluding remarks, I finally suggest two debate topics to the round table discussion.

• Korea journal of population studies
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• v.23 no.1
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• pp.147-180
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• 2000

1997-98년의 외환위기는 한국경제 전반에 걸쳐 커다란 변화를 초래하였다. 특히 노동시장에서도 200만 명의 전례 없는 대량실업을 경험하였다. 이전의 고학력 실업과 생산직 노동력 부족이라는 두 가지 큰 특징으로부터 성, 학력, 연령에 관계없는 전 노동력에서의 대량실업이라는 특징을 경험하게되었다. 불경기에서의 기업 구조조정은 많은 직장인들로 하여금 통상적인 정년을 채우지 못하고 조기 퇴직해야 하는 상황을 초래하였다. 특히 50세 이상의 중·고령자 조기퇴직은 그들이 가정경제를 책임지는 가장으로서의 가정적 불안 뿐 아니라, 사회적으로도 실업자 보호를 위한 비용지출이 증대될 수밖에 없다. 이러한 현상은 직장에 남아있는 근로자들의 고용불안으로 확대되어 근로자들의 의사가 제대로 반영되지 않는 채 그 동안 정착된 고용관행(60세 전후 정년퇴직, 연공서열형 보수체계, 등)이 쉽게 무너지고, 사용자 중심의 새로운 고용관행(계약직, 연봉제, 단시간 근로형태, 등)이 확대될 가능성이 높아지게 되었다. 본 연구는 중·고령자의 고용안정과 촉진을 위한 정책대안과 촉진을 위한 정책대안을 제시함으로써 개인에게는 적합한 직종에서 일할 기회를 부여하고, 사회적으로는 실업문제의 해결로 사회복지비용의 지출을 최소화한다는 차원에서 연구되었다. 일반적으로 채용 면에서는 퇴직된 중·고령자도 신구인력과 경쟁적일 수박에 없으므로 비록 경기가 회복되더라도 재취업의 어려움은 여전히 남을 수밖에 없다. 뿐만 아니라 이들은 오랫동안 피고용자로서 근무해 왔기 때문에 신규 자영업에 진출하기도 조심스러울 수밖에 없어 이들의 경제활동에 대한 정부차원의 지원정책이 필요할 것이다. 연구결과 다음과 같은 몇 가지 중요한 정책적 시사점을 제시할 수 있다. 의무고용률 의 조정, 퇴직 전 전직훈련의 의무화, 고령자 창업보육센타의 설립, 신규채용이나 퇴직에서 제한연령의 완화 및 철폐, 서비스 산업에서의 고령자 적합직종의 개발, 등이 그것이다.

• Journal of Digital Convergence
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• v.17 no.6
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• pp.43-49
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• 2019

The study divided the life cycle of Chinese companies into three stages from 2011 to 2017, 3,750 small and medium-sized enterprises(SME) used disclosure data to analyze the intensity of R&D investment by company life cycle. The analysis showed that the impact of wealth(ROA) on the performance of R&D investment(RDS) and the next(t) business performance, and research and development investments had a different impact on the company's performance depending on the life cycle of the company. The results of this study are expected to help determine the amount of expenditure related to R&D investment and the time of input of resources in consideration of industrial characteristics and corporate characteristics when making strategic decisions related to R&D investment of companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.133-144
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• 2017

This study investigates firm-specific financial variables that determine investment or speculative grades from the viewpoint of firms, which are one of the major stakeholders related to the credit rating. We employ an ordered probit model for our analysis with the sample data from 1999 to 2015 for listed firms in the Korean stock markets. For investment grades, operating margin, sales, market-to-book, dividend payment, capital expenditure ratio, and tangible asset ratio have a significantly positive impact on credit ratings. In the subsample for speculative grades, the coefficients of the dividend payment, retained earnings ratio, and capital expenditure ratio are significantly positive while short-term debt ratio and R&D expenditures have a significantly negative impact on credit ratings. For the analysis before and after 2009, when the Credit Information Use and Protection Act was strengthened after the global financial crisis, the coefficients of the capital expenditure ratio, cash ratio, and tangible asset ratio are significantly positive in the subsample for investment grades before 2009, but not significant after 2010. The coefficient of the long-term debt ratio is more significantly negative than that of the short-term debt ratio before 2009, for speculative grades, but short-term debt ratio has a more negative effect on ratings than long-term debt ratio after 2010. Surprisingly, the coefficient of the R&D expenditures is significantly negative in both investment and speculative grades since 2010. Our findings are inconsistent with the conjecture that the increase in R&D expenditures enhances the possibility of creating cash-flow by raising the investment growth opportunity, and thus affects positively the credit rating.

• Journal of the Korean Data and Information Science Society
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• v.27 no.5
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• pp.1147-1154
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• 2016

Impact of Korea train express (KTX) on the regional economy in Korea has been studied by many researchers. Current research is limited in the lack of quantitative research using a statistical model to study the effect of KTX on regional economy. This paper analyses the influence of KTX to the household final consumption expenditure, which is one of important regional economic index, using spatial panel regression model. The spatial structure is introduced through spatial autocorrelation matrix using adjacency of KTX connection. The result shows a significant effect of Korea train express on the regional economy.

• Journal of Technology Innovation
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• v.14 no.3
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• pp.43-69
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• 2006

In this study, we examine the effect of TRIPS on the relationship between R&D expenditures and patent applications in manufacturing firms. The first set of tests examines the association between patent applications and R&D expenditures and firm specific factors such as firm size and capital intensity. The next set of tests adds environmental factors including R&D intensity of the industry and development of TRIPS. We divide the sample period into three subperiods according to the progress of TRIPS subperiod 1(1984-1988) before TRIPS, subperiod 2(1989-1994) after negotiation of TRIPS and subperiod 3(1995-2000) after agreement on TRIPS. Regression model reveals that the coefficient on firm size is significantly positive over the all sample Period, while that of R&D expenditures of R&D intensive firms is significantly positive in subperiod 2 and 3(1989-2000) and that of capital intensity is significantly negative only in subperiod 3(1995-2000). The findings suggest that the efficient intellectual property system promotes the patent application of R&D intensive firms.